Bank to bank transfer. The last car I sold guy left a couple of hundred cash deposit at viewing. Couple of days later came back to collect.
Watched him log on and transfer to my bank. Within thirty seconds I had the money in my back account.

Bank to bank transfer. The last car I sold guy left a couple of hundred cash deposit at viewing. Couple of days later came back to collect.
Watched him log on and transfer to my bank. Within thirty seconds I had the money in my back account.

Job done.

As above. I sold an s3 once to a chap who flew over from Dublin, I met him in the car at the airport, he drove it to mine and we used my laptop to pay the balance bank-bank.

You'll be fine as he's already paid deposit plus shelled out for the plane ride so should all be fine 👍

Yes the fear is that some transfers are reversible. Having said I have another local guy coming to view this afternoon. Still needs money transfer of course but seems easier locally.

The point about the draft (which you see being drawn up) is you are not exposed to any fraudulent activity by the buyer. It is a cheque directly from the bank to you. If the bank happen to have wrongly identified him, or the money in his account was there fraudulently, that isn't your problem. The draft is a simple and enforceable contract between you and the bank.

The CCTV element is a further level of security, and if a dodgy buyer knows in advance that you insist on accompanying him to the bank, he'll choose another car/victim.

How is a bank transfer a risk?
Millions of businesses use them every day. Isn’t just the same as using a debit a card which is what your dealer would accept? If identity is a problem ask for a copy of passport or licence. A genuine buyer would have no issues with this.

How is a bank transfer a risk?
Millions of businesses use them every day. Isn’t just the same as using a debit a card which is what your dealer would accept? If identity is a problem ask for a copy of passport or licence. A genuine buyer would have no issues with this.

They are used millions of times a day, but a small proportion of these are fraudulent.

The risk is that the car buyer is using the account fraudulently, and in that case I believe it can be reversed. There is a similar process for 'fat finger' reversals, where a wrong account number is typed in.

The difference with the draft is that the buyer is not part of the draft transaction - it is simply between you and the bank, and is a binding contract. Any fraudulent activity is a matter between the bank and the buyer.

ask him what banks he uses. if you have the same bank - both of you go in person to the bank and do it there. it will be instant.

if not, it is as above. just make sure its in your account before you let him leave. I had an issue once where the guy paid a small deposit via bank transfer and then when he came to collect the car, the bank transfer went out his account but never arrived in mine. He went home without the car (unhappy as he flew from bristol to aberdeen on a one way ticket!).

And does the buyer normally arrange cover for a test drive or do I add him to my policy? Would much prefer the former as don't want some other idiot causing a claim on my policy and ruining my perfect record.

Bank transfer is the most convenient, however, in the past on weekends sometimes it can take a few hours to clear through to your account. Once in the account, I tend to transfer to another account, leaving no chance of a reversal.